Managing chronic pain in cold weather

Every year as the amihan sets in and the cooler breeze rolls across the country, senior citizens complain of joints that ache more than they did a few weeks ago during the humid months.

In the West, every autumn, the same thing happens: elderly patients arrive in clinics describing joints that ache more than they did a month ago. Their hands are stiffer in the morning. Their knees complain on the stairs. They are not imagining it, and they are not being dramatic.

Dr. Christopher Murawski, an assistant professor of orthopaedic surgery at Duke University, said: ‘Warm weather, cold weather, changes in humidity, changes in pressure- they can all contribute to joint and muscle pain.’

Here’s a look at the mechanisms behind cold-weather flare-ups, the movement and warmth strategies that genuinely help, and the signals that mean it’s time to call a doctor.

Why stiffness climbs as the temperature falls

The best-supported explanation involves barometric pressure-the weight of the air pressing on the body, roughly 15 pounds per square inch. When cold wind approaches, that pressure falls, and the tissues around joints respond.

‘While the science isn’t perfect, physiologically it makes some sense,’ Murawski says. ‘Changes in pressure can cause muscles and ligaments to expand. Fluid shifts can happen. That can lead to swelling and pain.’ He adds that the reports line up with what patients describe, ‘even anecdotally.’

Dr. Andrew Bang, a chiropractor at Cleveland Clinic, puts the same idea in blunter terms. ‘If you have arthritis, the space in your joint is already reduced. Add in an expansion of tissues because of the pressure change and you can see why people might hurt more.’ A large UK study of 13,000 people with arthritis found aches rose on days with high humidity, low barometric pressure and strong wind-though other studies find only a mild link, which is why researchers still describe the relationship as real but incompletely explained.

Cold adds its own layer. Synovial fluid, the lubricant inside every joint, thickens. ‘When the weather gets cooler, the synovial fluid that acts like motor oil in our joints becomes more like sludge,’ says Dr. Mariko Ishimori, a rheumatologist at Cedars-Sinai. Muscles guard and tighten, restricting blood flow and shortening the tissues that cross the joint. Cartilage, which has no blood supply of its own, tolerates temperature swings poorly.

Then there’s behavior. Cold days mean fewer walks, longer sits, and a house that suddenly feels worth hibernating in. Joints that don’t move get stiffer, and the Arthritis Foundation notes that people may also fixate more on pain when outdoor distractions disappear.

Gentle stretching that earns its keep

Motion is the single most reliable antidote to stiffness, and it costs nothing. ‘Motion is lotion,’ Bang says. ‘If you keep moving, you’re less likely to get some of these aches.’

The rules are simple: warm the tissue first, move slowly, never bounce, and stop at the edge of discomfort rather than pushing through it. Ishimori recommends prioritizing stretching before exercise, when muscles are cold and most vulnerable.

Start in bed, before your feet hit the floor. The Arthritis Foundation’s ‘Good Morning Moves’ routine is a safe template: lie on your back and reach arms and legs wide (Morning Star), hug your knees to your chest, then perform a gentle supine spinal twist-each held for three to five slow breaths. If hip or back arthritis makes double knee hugs hard, do one leg at a time.

For a guided follow-along, Arthritis UK’s physiotherapist-led series is excellent and free. The morning routine, daytime routine and evening routine each run 20 minutes and are built specifically for people with arthritis and other musculoskeletal conditions. Many movements can be done seated. The Arthritis Foundation also offers a short 16-move morning bed stretch video for days when 20 minutes is too much.

Aim for range of motion rather than a deep stretch: slow circles at the shoulders, wrist and ankle pumps, gentle knee extensions, seated torso rotations. Ten minutes daily beats an ambitious hour once a week.

Warmth, used deliberately

Heat raises blood flow and relaxes the guarding that makes joints feel locked. ‘If you can get heat to penetrate areas where you have pain, you increase blood flow and can loosen up tight ligaments, tendons and connective tissue,’ Bang says.

Practical version during the amihan season: layer up even when staying indoors, because a chilly, drafty room stiffens muscles just as effectively as the cool morning air outside. Keep a cozy blanket or kumot close by, or use a heating pad before getting out of bed so your joints are already loosened when you wake.

For targeted relief, use moist heat-a warm damp towel or a microwave-heated wet washcloth inside a sealed bag-for 15 to 20 minutes per session, with a cloth barrier between heat and skin. Don’t fall asleep on a pad, and check the skin periodically for excessive redness. If you have reduced sensation from diabetes or neuropathy, lower the setting.

Protect the extremities. Dr. Linda Russell, a rheumatologist at New York’s Hospital for Special Surgery, recommends long underwear-particularly important because cold can trigger blood vessel spasms in the roughly 12 percent of the elderly with rheumatoid arthritis who also have Raynaud’s phenomenon. Warm water is also the friendliest environment for exercise: a heated pool lets you move through full range with almost no load on the joints.

Two supporting habits matter more than most people expect. Drink water-dehydration thickens everything, including joint fluid.

When to stop self-managing and call someone

Weather-related aches follow a pattern: worse in the cold, better with warmth and movement, and no worse than usual once you’re going. Pain that breaks the pattern deserves attention.

Mayo Clinic advises booking an appointment for joint pain accompanied by swelling, redness, tenderness and warmth around the joint, or fever. Get seen promptly if an injury leaves the joint misshapen, unusable, severely painful or suddenly swollen. Morning stiffness lasting longer than 30 to 60 minutes is a recognized flag for inflammatory disease such as rheumatoid arthritis, as is pain that wakes you at night, pain in several joints at once, or unexplained weight loss and fatigue.

Ishimori’s advice: discuss symptoms with a physician, ‘especially if the symptoms are new or haven’t been evaluated.’ Cold weather aggravates existing disease; it doesn’t create it.

The season is not something you can negotiate with. But the stiffness is-partly. Warm the joint, move it gently, and keep moving it. And when the pattern changes, let someone with a stethoscope look at it.

Soroti headteacher appeals for parent support as three pregnant girls prepare for PLE

As thousands of candidates across Uganda prepare to sit their Primary Leaving Examinations (PLE), school heads and local officials in Soroti City are rallying support for vulnerable candidates, including three Primary Seven girls at Kichinjaji Primary School who are pregnant.

One of the affected pupils gave birth approximately a month ago. Speaking during a candidates’ briefing at the school premises, Headteacher Alfred Enyidu urged parents and guardians to show empathy and provide the necessary physical and emotional backing to ensure the girls sit their papers successfully. He confirmed that the school will allow the mother of the pupil who recently gave birth to remain at the premises throughout the examination period to assist with nursing and childcare, stressing that conceiving is not the end of a girl’s educational journey.

The case at Kichinjaji Primary School highlights the persistent national challenge of teenage pregnancy and its impact on basic education in Uganda. Data from the Uganda National Examinations Board (UNEB) and the Ministry of Education and Sports demonstrates a recurring trend in recent years, where hundreds of pregnant candidates register and sit their national examinations annually. UNEB policy permits pregnant and nursing candidates to sit their final assessments, reflecting broader national measures aimed at preventing school dropouts due to early pregnancies.

Beyond candidates’ welfare, administrative and logistical preparations are underway across the city. Soroti City Inspector of Schools Simon Opolot reported that 3,440 candidates have been registered to sit the PLE across the city. Opolot reassured candidates against exam anxiety, emphasizing that the national assessment is a standard evaluation for which they have prepared throughout the year. He also directed private school proprietors to allow all registered candidates to sit their examinations regardless of unpaid tuition balances, advising administrators to resolve outstanding fee issues with parents without barring pupils.

To ensure candidates maintain focus and avoid health disruptions, Kichinjaji Primary School leadership, with the consent of parents, instituted a contribution of Shs 18,000 per pupil to provide school-prepared lunches during the two-day examination exercise. Enyidu explained that allowing outside or home-cooked food could introduce unfamiliar meals that cause stomach upsets and disrupt candidates during exam sessions. Salome Amero, the area councillor representing Kichinjaji Primary School, supported the meal arrangement, adding that child education and welfare during examinations remains a shared responsibility between school administrations and families.

Addressing candidates alongside Kichinjaji, headteacher Paul Esenu of St Paul’s Educational Centre advised pupils on examination presentation and personal conduct. He warned candidates against illegible handwriting and overconfidence, reminding them that external examiners require clear scripts. Esenu further cautioned female candidates to remain vigilant against sexual exploitation following the completion of their examinations as they transition out of primary school.

Kichinjaji Primary School will host candidates from five neighboring institutions, including St Paul Educational Centre, Soroti Independent Baptist Primary School, St Martha Primary School, St Ann Primary School, and Yusra Islamic Primary School, bringing the total candidate count at the center to 107 pupils.

Busia man demands justice over alleged night assault by gold mining firm personnel

Sixty-year-old James Kauka, a resident of Amagoro Village in Buteba Sub-county, Busia District, is currently nursing severe injuries following a violent midnight raid at his home that left him with broken ribs and a fractured hand.

Wearing a sling on his right arm and a chest brace, the incapacitated father faces a daunting road to recovery after an alleged assault involving Chinese nationals and private security guards tied to Wagagai Gold Mining Company.

The incident unfolded on the night of September 18, when Kauka was jolted awake past midnight by the sound of his front door being smashed open. A group comprising four Chinese nationals and eight-armed security personnel from Yessam Security Firm allegedly breached the residence and restrained one of his sons. When Kauka intervened to inquire about the reason for the arrest and whether local authorities were aware of the operation, the raiding team refused to explain and insisted on forcefully taking the suspect away.

According to Kauka, his attempt to shield his son triggered a violent turn of events. He identified two Chinese nationals, locally known as Lee and Sung, as his primary attackers. Lee allegedly knocked Kauka to the ground, kicked him repeatedly, and struck his hand with the muzzle of a firearm, while Yessam security personnel discharged several live rounds into the night air to intimidate the family. Kauka’s wife and daughter were also allegedly assaulted during the scuffle.

Distress calls made to the Amagoro Village Chairperson, Amos Okitwi, went unanswered during the raid as the local leader feared venturing out in the dark amid gunfire. Upon visiting the scene the following morning, Okitwi recovered several spent bullet cartridges scattered across Kauka’s compound. Okitwi immediately assisted in transporting the injured elder to Busia Police Station, from where he was referred sequentially through Busia Health Centre IV, Masafu Hospital, and ultimately Mbale Regional Referral Hospital for specialized care. Medical evaluations at Mbale confirmed multiple rib fractures and severe bone injuries to his hand.

A formal case of assault was subsequently lodged at Busia Central Police Station under reference number CRB 9281/2026. However, representatives for Wagagai Gold Mining Company have strongly disputed the victim’s account.

Bryan Wasike, a legal representative for Wagagai Gold Mining Company, denied that any Chinese nationals engaged in violence. He stated that a joint team consisting of Uganda Police Force personnel, private security, and company representatives had conducted a late-night operation to apprehend Kauka’s son over the alleged vandalism and theft of company culverts. Wasike argued that nighttime was chosen because the suspect evaded capture during the day, asserting that Kauka escalated the situation by confronting armed guards and attempting to disarm them. Wasike maintained that the security personnel retreated without assaulting anyone, suggesting Kauka fabricated claims against the Chinese staff in an effort to extract financial compensation.

Conversely, Chairperson Okitwi corroborated Kauka’s account, noting that grievances regarding high-handedness and physical abuse by Chinese personnel are common in the community. He cited multiple complaints from local residents and factory workers alleging torture at the hands of mining company management, pointing to a broader pattern of conflict in the sub-county.

Community leaders and the victim expressed frustration over the lack of arrests despite formal reports filed with the police and the Resident District Commissioner’s (RDC) office. Okitwi expressed concern that influential government connections enjoyed by foreign investors might be hindering swift police action.

Addressing the allegations, Bukedi Region Police Spokesperson Moses Mugwe confirmed that detectives visited the scene, recovered spent cartridges, and completed initial investigations. Mugwe stated that the case file has been submitted to the Office of the Resident State Attorney for perusal and legal direction.

As he awaits the decision of the State Attorney, Kauka claims to be living under continuous intimidation. He reported recent incidents involving low-flying drones over his homestead, damage to his rooftop solar panels by individuals atop a company water tanker, and instances where armed men pointed firearms directly at him. Chairman Okitwi confirmed receiving these supplementary reports and stated he had engaged company officials to halt the harassment.

The physical toll of the assault has left Kauka unable to engage in manual labor to sustain his household. More than a month after the attack, the family struggles to afford basic necessities, medical care, and school fees, while awaiting resolution from law enforcement authorities.

HIMAP Awards 2026 to champion operational excellence and innovation across the Philippine HIMS Industry

As the Philippine healthcare information management services (HIMS) sector continues to grow and strengthen its global presence, recognizing the people and organizations driving its progress is essential to sustaining industry excellence. The HIMAP Awards 2026 will take place on November 6 at the Grand Ballroom A and B, Shangri-La The Fort, BGC, under the theme ‘HIMAYA: Championing and Celebrating Operational Brilliance in HIMS.’ The gala night will celebrate outstanding achievements, leadership, and contributions that continue to shape the industry’s growth and future.

Organized by the Healthcare Information Management Association of the Philippines (HIMAP), the awards recognize organizations and individuals whose work advances industry standards, strengthens partnerships, and contributes to the continued development of the Philippine HIMS sector. Through this recognition, HIMAP seeks to encourage a culture of excellence, innovation, and continuous improvement across the industry.

The awards honor a range of achievements, from lifetime leadership and enduring membership commitment to industry partnerships, individual contributions, community development, environmental, social, and governance (ESG) initiatives, talent management, business growth, and technological innovation.

‘Operational brilliance goes beyond business performance. It is reflected in the leadership that moves our industry forward, the partnerships that strengthen our capabilities, and the innovations that create lasting value. Through the HIMAP Awards, we champion the people and organizations setting new benchmarks for excellence and helping advance the Philippines as a leading global destination for HIMS,’ said JL Botor, President of HIMAP.

More than a celebration of achievements, the HIMAP Awards 2026 recognizes the collective efforts shaping a stronger and more competitive HIMS industry. By bringing industry leaders and partners together to honor these contributions, HIMAP aims to inspire continued progress and reinforce a shared commitment to the sector’s future.

About HIMAP

The Healthcare Information Management Association of the Philippines (HIMAP) is the premier industry association for the country’s healthcare information management and IT-BPM sector. HIMAP advances workforce development, policy, and market promotion, positioning the Philippines as a preferred global destination for healthcare services.

Caramel Café, Kampala’s sweet spot for family dining and fun

Built with the needs of families in mind, Caramel Café and Lounge Naalya, is one of the few high-end eateries in Kampala, that is the ideal weekend family retreat. A place where children can eat, play and have fun, while adults unwind and enjoy a leisurely meal, or a football game over drinks with friends, in a modern sports bar.

Ambiance and décor

Located on the Naalya-Kyaliwajjala Road, below Quality Shopping Mall, the restaurant comprises of three floors. On the ground floor is a large outdoor eating area, adorned with palm, cypress and bamboo foliage, that leads to the main restaurant. My friend and I were welcomed by a number of servers who ushered us to our table. The restaurant which is surrounded by clear, glass windows, is spacious, well-lit and tastefully decorated with potted plants, modern paintings and contemporary art pieces.

The music which is soft and low, creates an atmosphere that is tranquil and relaxing. There is a spacious sports bar with large flat screens upstairs, and another eating place on the floor above it.

Child-friendly facilities

One side of the restaurant leads to a children’s playground, which was full of children squealing with delight, as they played on the trampoline, swings and rocking horses.

These child-friendly facilities extend to providing high-chairs for serving meals to toddlers and a diaper changing station in the ladies’ washrooms.

The menu

The menu is quite pricey – pasta, burgers and sandwiches range from Shs35,000 to Shs42,000. Fish, steaks and chicken dishes cost Shs43,000 to Shs69,000. Soups and salads go for Shs20,000 to Shs35,000. Habesha or Ethiopia/Eritrean dishes range from Shs44,000 to Shs52,000. Meanwhile, children’s meals go for Shs24,000 to Shs29,000.

On the drinks menu are fresh fruit juices, milkshakes, smoothies, mojitos and mocktails which range from Shs14,000 to Shs22,000. Teas and coffee cost Shs8,000 to Shs26,000 while desserts go for Shs8,000 to Shs21,000.

The food

It was years since we last tasted Habesha cuisine so we ordered the Bayenet Meat Special, a mixture of different meat dishes served on a platter with injera, an Ethiopian and Eritrean staple. Injera, is a slightly sour, soft and spongy, pancake-like flatbread, made from fermented teff flour. Traditionally, it is served flat on a communal platter, topped with piles of vegetable or meat stews and served with rolls or stacks of folded injera. A small piece of injera is pinched off the main piece and used to scoop up the meat, vegetables and sauces. After the toppings have been eaten, the bottom layer of injera, which has soaked up all the sauces during the meal, is eaten last.

The meal that was served to us on a platter comprising a flat piece of injera piled with minced beef, chicken and beef strips, collard greens and a heap of caramelised onions and garlic, beneath which was a chicken drumstick and a boiled egg, as well as a fresh vegetable salad. On the side of the platter were folded pieces of injera for scooping up the food. The waiter warned us that the food was hot and spicy, after serving it, instead of mentioning this when we placed the order. The food indeed was hot, but since I love spicy food, I enjoyed it. My friend, however, found it a bit too spicy and had to chase down each bite with gulps of water. We rounded off our meal with a large bowl of fruit salad, which, after the spicy dish, served as a palate cleanser.

The verdict

It was quite a culinary adventure, eating injera with its spicy sauces after many years. However, it is always advisable to adjust the spice levels of hot dishes, so that customers can select the level of heat they can comfortably tolerate. Caramel Café Naalya, is the perfect place for family outings and definitely worth a visit.

Exim Bank, TerraPay partner to cut cross-border remittance costs

Exim Bank Uganda Limited has launched Exim Global Pay, a new cross-border payment platform powered by TerraPay’s global financial infrastructure. The platform allows individuals and businesses across Uganda to execute international transactions seamlessly. By integrating directly into TerraPay’s network, financial institutions eliminate the technical complexity and high expenses associated with building multiple bilateral routing systems. While cross-border payment platforms exist in the region, bank officials emphasize that Exim Global Pay offers enhanced security features, faster transaction clearing, and improved convenience.

Private sector leaders view the platform as a significant driver for cross-border trade, which generates between $2.2 billion and $2.5 billion annually according to Bank of Uganda estimates. The system also supports international remittances from Ugandans working abroad. Ministry of Finance data indicates that overseas Ugandans sent home nearly $3 billion in the last financial year, representing a growth of nearly $2 billion compared to the previous period. Remittances remain a central source of foreign exchange, investment capital, and household revenue in Uganda, reinforcing the demand for reliable digital financial architecture. Connecting local banking networks to international corridors directly aligns with the digital inclusion objectives outlined in the National Development Plan framework.

Despite the economic benefits of digital financial channels, transaction costs remain a key hurdle for widespread consumer adoption. Market players acknowledge that the investment required to build and deploy digital infrastructure is frequently passed down to end users. Speaking at the launch event in Kampala, Francis Mulero, Head of Personal and Business Banking at Exim Bank Uganda, noted that high transfer charges limit the uptake of financial tech products. To address this issue, the institution adjusted its pricing model for individual corridors to maintain lower rates. Industry experts note that overall transfer fees exceeding $15 create significant barriers to mass adoption.

Hidden charges within international money transfer networks present an additional challenge for consumers. Samuel Muyingo, Country Manager for TerraPay in Uganda and regional lead for East and Southern Africa, explained that unaccounted charges reduce the final amount received by recipients, disrupting international trade transactions. He noted that under TerraPay’s infrastructure model, transaction fees are transparently disclosed upfront, ensuring that recipients receive the exact amount sent without intermediary deductions.

High costs continue to affect local technology adoption patterns across the country. A mini-survey conducted across Kampala’s five divisions by Business Weekend Outlook revealed that nine out of ten respondents avoid using digital innovations due to high operational fees, despite recognizing their utility. Research by the Economic Policy Research Centre confirms that substantial upfront fees generate a dual burden of high costs and digital exclusion for Ugandan households.

These cost challenges are further complicated by network disruptions caused by power grid instability and national internet shutdowns, which temporarily freeze mobile money and electronic banking services. Financial institutions and tech providers face ongoing pressure to deliver scalable infrastructure that remains affordable for everyday consumers.

Report says construction has job creation solution

The 26th World Bank economic report has revealed that the construction sector offers an important near-term entry point for job creation that Uganda’s Tenfold Growth Strategy could leverage on.

Data from the bank shows that as the economy seeks to expand from a GDP of US$50 billion to US$500 billion by 2040, construction will play a central role in supporting the infrastructure and urban expansion needed to sustain long-term growth. It adds that the sector, which remains well below its employment potential, has a major untapped opportunity that could yet support Uganda’s growth ambitions.

‘Despite growing by 11.6 percent in FY25, it employs an estimated 2.3 percent of Uganda’s workforce-less than one-third the employment share of comparable East African economies-reflecting low productivity, limited firm growth, and weak job quality,’ the report discloses.

It further states that construction also plays a broader role in structural transformation by providing the infrastructure through which urbanisation translates into higher productivity across firms, workers, and cities. The report also examines how reforms to strengthen land governance, urban planning, firm productivity, and labor-intensive public investment can position construction as a stronger engine of more and better jobs, productive urbanisation, and structural transformation.

The employment gap in construction reflects a dual market failure, on the demand and supply side. Despite a large underlying need for housing and infrastructure, formal housing remains unaffordable for most Ugandan households. This is thanks to mortgage rates of 16-22 percent, leaving a large gap between housing need and effective demand.

On the supply side, low productivity, fragmented firms, and high input costs limit the sector’s capacity to scale. Together, these constraints suppress activity in the affordable housing segment, where the significant potential for job creation lies, underscoring the need for coordinated reforms to unlock both demand and supply, the report states.

Uganda’s construction sector is dominated by small, informal firms, with few medium-sized firms able to scale productivity and employment. Weak certification, limited career pathways, and low participation of women reinforce low-quality employment and constrain productivity gains, despite evidence that stronger sector organisation and standards can improve these outcomes.

The report reveals that sector underperformance reflects inter-connected constraints spanning three areas.

‘Governance failures are the most foundational: the absence of a sector regulator, weak land administration, slow permitting, inadequate urban planning coverage, and an unapproved land acquisition and compensation policy together create the conditions in which informality is more rational than formalization,’ it states.

‘Second, market failures compound these issues: without a wage premium for certified skills, neither workers nor firms invest in training; without a contractor register, lenders cannot price construction risk, and credit remains expensive and scarce,’ it adds.

Structural conditions-including shallow capital markets, a landlocked geography, high input costs, prohibitive mortgage rates, and tight credit-squeeze both contractor liquidity and household demand while cementing dominant informality in the sector.

Uganda’s own programmes show that construction can generate jobs at scale when project design is aligned with employment objectives, with the report pointing to the Uganda Support to Municipal Infrastructure Development (USMID) and the Greater Kampala Metropolitan Area Urban Development Program (GKMA-UDP). The two undertakings indicate that labour-intensive urban investments can generate labour shares of 38-44 percent of project costs, compared with 18-22 percent for mechanised works, while also supporting stronger inclusion outcomes.

‘These experiences provide a credible domestic basis for scaling construction approaches that are more job-intensive and inclusive,’ the report states.

The report proposes a sequenced reform agenda built around three mutually reinforcing policy pillars. The first, and the prerequisite for the others, strengthens the institutional foundation through enacting the Construction Industry Development Bill (CIDB) (formally called Uganda Construction Industry Commission-UCICO Bill), endorsing the land governance legislative package, and streamlining permitting.

The second activates demand through reforming the Physical Planning Act to mandate integrated planning, updating physical development plans with infrastructure servicing commitments, establishing serviced plot programmes on verified public land, scaling labor-intensive public investment and affordable housing.

Qimiao Fan, World Bank director Somalia, Kenya, Rwanda and Uganda, said the third reduces construction costs and strengthens market competition by expanding contractor finance, improving procurement and local content, lowering input costs, and strengthening construction skills.

‘Together, these reforms can transform construction from a fast- growing sector into a leading engine of more and better jobs, competitive cities, and structural transformation,’ he said.

Dual listings playbook raises hard questions for OPay

When OPay Limited announced it was terminating its underwriting agreement and shelving its planned New York Stock Exchange (NYSE) initial public offering (IPO), the company was careful with its language.

A regulatory inquiry in a jurisdiction ‘immaterial’ to its core business had arisen.

Management expressed confidence the matter would be resolved satisfactorily in the near future.

After discussions with underwriters, the most prudent course, it said, was not to proceed at this time.

o: Exclusive: OPay halts $304m NYSE IPO over regulatory inquiry

The American Depositary Shares would not commence trading as scheduled. Operations in Nigeria and other markets remained unaffected, and the company’s long-term commitment to Nigeria was ‘unwavering.’

The statement answered the immediate question of why the much-anticipated $4 billion-valuation Wall Street debut had stalled.

It did not answer the deeper ones now circulating among investors, regulators and capital-market practitioners in Lagos: What really happened beyond the carefully worded press release?

Why did a company whose revenues, users and growth story are overwhelmingly Nigerian choose a primary foreign listing first?

And why does that choice look increasingly out of step with the dual-listing path successfully walked by Seplat Energy Plc, Airtel Africa Plc and Guaranty Trust Holding Company Plc?

Those three companies form the clearest modern playbook for Nigerian businesses seeking global capital without severing local roots. Their experiences raise uncomfortable questions about whether OPay’s original strategy and the sudden pause, reflects commercial prudence or a more complicated calculation about ownership, perception and market alignment.

The established path

In April 2014, Seplat Energy (then Seplat Petroleum Development Company) became the first Nigerian company to dual-list ordinary shares simultaneously on the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE). The IPO raised approximately $535 million and valued the company at about $1.9 billion.

A decade later, at a 10-year anniversary event, Temi Popoola, NGX Group chief executive described the transaction as one of the market’s major landmarks. ‘If we were to look back to our market and tried to find landmarks, the last major landmark you will find in the last ten years is this transaction that we are celebrating today,’ he said.

Seplat’s shares have delivered substantial returns to both Nigerian and international investors, and the company has repeatedly highlighted improved liquidity, brand credibility and access to capital as direct benefits of the dual structure.

Airtel Africa took a sequential approach. It completed its primary IPO on the London Stock Exchange in June 2019, raising about $750 million, then listed on the NGX weeks later. The Nigerian listing turned the pan-African telecoms group into one of the exchange’s largest stocks by market capitalisation.

The dual presence gave global investors a familiar London venue while allowing Nigerian institutions and retail investors to participate directly in a business for which Nigeria is a critical market.

GTCO followed in July 2025, becoming the first West African financial institution to list ordinary shares simultaneously on both the NGX and the LSE main market. The transaction included an international capital raise of roughly $105 million and cancelled earlier global depositary receipts (GDR). It signalled that even large Nigerian banks now view dual listing of ordinary shares, not just depositary receipts, as viable and advantageous.

In each case, the companies retained meaningful local ownership pathways, satisfied domestic regulators and policymakers, and still accessed deeper international pools of capital. The dual structure also mitigated some of the currency-translation and emerging-market discount risks that pure foreign listings can amplify.

OPay’s different calculation

OPay’s original plan, disclosed in its Form F-1 registration statement filed with the U.S. Securities and Exchange Commission, was different. It sought a primary listing of ADSs on the NYSE under the ticker OPAY, targeting a valuation in the region of $4 billion.

Board and shareholder approval had been obtained for a secondary listing on the NGX only after the U.S. listing was completed, and only subject to market conditions and Nigerian regulatory clearances. The company explicitly warned that shares on the two markets might not be immediately fungible, potentially fragmenting liquidity and creating price differentials.

That sequencing global first, local later, drew quiet criticism even before the latest regulatory hiccup. Nearly 90 percent of OPay’s revenue in the first half of 2026 was generated in Nigeria. Its agent network, customer base of tens of millions and brand recognition are Nigerian. Yet the primary listing venue chosen was New York, with the domestic opportunity treated as secondary and conditional.

David Adonri, vice chairman of Highcap Securities, has been among the most direct voices on this point. ‘The Nigerian capital market has attained a level of depth and sophistication where companies with strong domestic fundamentals can successfully raise capital locally. For a company like OPay, whose operations, customer base and revenue are substantially rooted in Nigeria, a domestic listing would provide stronger alignment between the business and the investors who best understand its market realities,’ he said.

Adonri’s argument is not merely patriotic. Nigerian institutional investors like pension funds, insurance companies and asset managers, understand the agency-banking model, USSD transactions, naira cash flows and the competitive dynamics with rivals such as Moniepoint and PalmPay in ways that many Wall Street analysts do not.

A local primary or concurrent listing would also allow ordinary Nigerians who use the platform daily to become shareholders, potentially reducing churn and strengthening the social licence to operate.

The questions the pause intensifies

OPay’s decision to terminate the underwriting agreement has sharpened those questions rather than resolved them. The company insists the regulatory inquiry is confined to an immaterial foreign jurisdiction and has no bearing on its Nigerian operations, financial condition or regulatory standing.

Market participants are less easily reassured. OPay’s ownership structure, founded by Chinese billionaire Zhou Yahui and backed by SoftBank, has long attracted extra scrutiny in Western markets sensitive to data privacy, governance and capital flows involving Chinese-linked entities.

Whether the current inquiry is related to those sensitivities remains unconfirmed, precisely because the company has provided limited detail.

What is clear is that a pure or primary foreign listing exposes Nigerian-rooted companies to geopolitical and regulatory risks that dual-listed peers have partly diversified.

Seplat, Airtel Africa and GTCO maintain continuous engagement with both Nigerian and international regulators and investor bases. Their dual status also sends a political signal of commitment that pure offshore listings can struggle to match.

NGX Group leadership has been explicit about this dimension. In engagements with the Presidency earlier in 2026, Popoola specifically cited OPay and other fintechs as companies whose domestic or dual listings would broaden investment opportunities for Nigerians and keep more of the value created in the local economy inside the domestic capital market. ‘While we encourage free and open markets, let’s make sure our locals can also benefit. As they list abroad, they should also list in our country,’ he has said in related contexts.

The pause now creates an unexpected window. With the NYSE process suspended, OPay could, in theory, revisit sequencing. A primary or concurrent NGX listing, followed by an international secondary listing once the regulatory matter is cleared, would align more closely with the Seplat-Airtel-GTCO playbook.

It would also address the perception problem that a company built on Nigerian consumers, infrastructure and regulatory accommodation is delivering its primary public-market upside first to foreign investors.

o: OPay: Nigerian listing plans echo NGX Group’s call for homegrown giants to list locally

What history suggests

History offers few clean precedents for major Nigerian operating companies achieving lasting success through pure foreign listings without a meaningful domestic presence.

Jumia, often cited as an African tech success on the NYSE, was never a pure Nigerian corporate and has not dual-listed on the NGX.

IHS Towers listed in New York with heavy Nigerian exposure but similarly remained outside the local exchange.

The companies that have sustained investor confidence across cycles while retaining strong Nigerian identities have almost all chosen some form of dual structure.

OPay’s management continues to emphasise that the current development should not be misconstrued as a reflection on its business performance or integrity. That may prove true.

Regulatory inquiries can be resolved. Markets can reopen. Yet the episode has already illustrated the risks of a strategy that prioritises foreign capital and visibility while treating the home market as an afterthought.

The dual-listing playbook refined by Seplat in 2014, extended by Airtel Africa in 2019 and reinforced by GTCO in 2025 remains available.

Whether OPay ultimately follows it, or continues to treat the NGX as a secondary consideration, will say as much about its long-term view of Nigeria as any press statement about unwavering commitment.

For now, the hard questions remain unanswered and the silence beyond the official statement is growing louder.

Moody’s Ratings gives BSP ‘a’ for monetary, macro policy effectiveness

FOLLOWING Moody’s assessment which affirmed the Philippines’ resilience amid evolving domestic and global risks, the central bank said it remains committed to safeguarding price and financial stability, while prudently managing the country’s foreign exchange reserves.

In its Issuer In-Depth report, Moody’s Ratings gave the Bangko Sentral ng Pilipinas (BSP) an ‘a’ assessment on ‘monetary and macro policy effectiveness.’

‘The ‘a’ assessment reflects the credibility of the monetary policy framework, exchange-rate flexibility and effective banking sector oversight,’ the credit rating agency said.

Further, Moody’s Ratings said the BSP has ‘demonstrated its ability to respond to changing economic conditions, easing policy when inflationary pressures were subdued and tightening as higher energy prices increased inflation risks in 2026.’

These actions, the credit rating agency said, have helped keep inflation expectations ‘anchored’ despite a temporary rise in headline inflation.

Moody’s Ratings said exchange-rate flexibility and sizeable foreign-exchange reserves provide important buffers against external shocks, while a ‘well-capitalized and liquid banking system’ limits potential contingent liabilities to the government.

‘Further improvements in monetary transmission, financial surveillance and macroprudential policy implementation would strengthen an already robust policy framework,’ added the credit rating agency.

As such, BSP Governor Eli M. Remolona Jr. said in a statement on Friday: ‘Moody’s assessment affirms the Philippines’ resilience amid evolving domestic and global risks. The BSP remains committed to safeguarding price and financial stability, while prudently managing the country’s foreign exchange reserves.’

Moreover, the report noted that the country’s external position is supported by substantial foreign exchange reserves and sustained sources of external financing.

Meanwhile, overseas Filipino remittances, business process outsourcing sector receipts and foreign direct investments continue to support household consumption, economic growth and external resilience.

Moody’s Issuer In-Depth report provides a comprehensive assessment of an issuer’s credit profile, including its business and financial strengths, key credit drivers and risks, and factors that may influence future rating developments.

Unlike a Credit Opinion or Rating Action report, it offers a more detailed analytical perspective intended to give investors and market participants a deeper understanding of the issuer’s creditworthiness. It does not change the sovereign credit rating.

On August 24, 2026, Moody’s affirmed the Philippines’ investment-grade credit rating of Baa2 with a stable outlook.

Makinde approves ?4.6bn compensation for Circular road-affected property owners

Governor Seyi Makinde of Oyo State has approved the payment of ?4.6 billion as the first tranche of compensation to property owners affected by the ongoing Senator Rashidi Ladoja Circular Road project and reaffirmed a 75-metre setback in built-up areas, addressing major concerns raised by residents along the corridor.

Governor Makinde who disclosed this on Friday during a meeting with affected property owners along the Circular Road assured beneficiaries that the compensation would be paid directly into their bank accounts and that disbursement would commence immediately.

According to him, the government has completed all necessary processes for the payment of the first tranche of compensation.

He said: ‘We have processed ?4.6 billion for the first phase of compensation payments. The money will be paid directly into beneficiaries’ accounts, and recipients should begin to receive payment alerts from tonight or by tomorrow morning.’

Governor Makinde also reiterated that the setback in built-up areas along the project corridor had been reviewed to 75 metres. He added that the corridor would be fenced to enhance safety and protect residents living within the area.

He explained that property owners whose buildings fall outside the 75-metre setback have no cause for concern and should continue with their normal activities.

The Governor urged affected residents not to be misled by rumours or misinformation, reiterating that his administration remains committed to protecting the interests and wellbeing of the people

‘This is your government. Do not allow anyone to deceive you. I promised that compensation would be paid before the end of this month, and I considered it important to meet with you personally before the payment process commenced,’ he said.

Governor Makinde reaffirmed his administration’s commitment to the successful delivery of the Senator Rashidi Ladoja Circular Road project, describing it as a critical infrastructure initiative that will improve connectivity, stimulate economic growth, and open up new development corridors across Oyo State.

Speaking on behalf of the affected property owners, Ahmed Abiodun, Kayode Oyejobi, Risikat Raji and Banke Adeyanju commended the Governor for approving the immediate payment of compensation and reviewing the setback for built-up areas to 75 metres.

They expressed appreciation for the government’s responsiveness to their concerns and assured Governor Makinde of their continued support for the success of his administration.